Why Does Your Business Need Data Verification
Your business growth strives on valuable insights drawn from data. These insights help you make changes and develop new strategies to satisfy the audience. This makes data an essential part of growth; hence every business has a data management process. Although data is essential, sometimes a minor spelling mistake can corrupt your future strategies.
Many agencies offer data verification services to counter these inevitable errors. Data verification benefits your business and ensures that your strategies are streamlined. If you are unaware of data verification, keep reading. This blog post highlights the benefits of data verification and how inaccurate data affects businesses.
What is data verification?
Data verification is the process of checking the accuracy of the data. This data is checked against a source to identify any faults. Knowing these faults helps fix them before any analysis is done. Using faulty data leads to poor customer response, low sales and low revenue.
Faults in data are common during migration. Data verification can be done on an entire database or sometimes a sample data only. Every B2B needs data verification, and to ensure success for your business, consult a data management service.
What happens with inaccurate data?
Data that lacks structure and precision is considered bad data. This data can be incomplete, and an analysis of it doesn’t give effective insights. Every company invests in data verification because bad data can damage strategies. Here are a few ways in which inaccurate or incomplete data affects business growth:
When data suffers from issues like duplication, it creates a wrong impression of growth. If you rely on your future growth on a database like this, you will draw conclusions that do not represent your population effectively. This results in ineffective growth strategies that do not represent the target audience.
Data collection is expensive, and companies spend a lot of resources on it. If there are errors in the data, all the effort and money spent on future processes go to waste. Lack of data verification can badly affect your company’s budget
Affects business growth
Bad data leads to a chain of events that influence all of your company’s decisions. It could result in faulty decisions by the marketing team, resulting in low sales and poor customer satisfaction. These poor decisions lead to long-term harm to your business
Moreover, old data leads to business operations that are not aligned with customer requirements hence creating a ripple effect in a negative manner
Compliance and migration issues
In this data-driven setup, you need to update your data on software to gain valuable insights. Data migration is essential, but if your data lacks congruency and is unstructured, many platforms will not process it. There are chances that your insights aren’t accurate due to incomplete migration. Secondly, if the receiving end has strict standardization rules, your database may be rejected completely
Sometimes inaccurate data also results in compliance issues causing hefty fines. Businesses have licenses and are required to comply with laws like customer privacy. Companies have customers’ personal information; if they send it to the wrong email address, it can result in a privacy breach.
What are the perks of getting a data verification service?
Efficient marketing strategies
Your marketing strategies are useful only when they get results. Your efforts are futile if you have a solid marketing plan but cannot reach the customers because you have the wrong phone number. This also comes into play if your customer data is outdated. If you don’t verify it, you are firing darts in the dark and won’t get meaningful insights.
Faulty data also badly affects email marketing if your emails are directed to unregistered email addresses. This increases the chances of your emails going to spam, affecting customer relations.
Data involves details about your sales, profits, customer satisfaction and more. All these variables are dynamic and are constantly evolving. Data verification helps update the data periodically based on your company’s requirements. Ideally, your data should be updated every month so that you have the latest developments at hand when designing a policy. Data verification experts can help eliminate decaying data and irrelevant and obsolete information and enter new developments in the database.
Higher customer satisfaction
With verified data, you will accurately measure customer response. These insights help you understand your marketing strategy’s outcomes and help you make amendments as needed. When customers receive accurate and timely updates from you, it increases their trust in the brand and converts them into loyal customers. Imagine how the customers feel if you mess up their name or send out a personalized email with the wrong name in the subject. What could have been a sales point leaves a bad impression on the customers.
Better communication with customers
Having accurate data helps companies convey important messages easily. It improves customer support as you can reach them quickly. If a customer requires technical assistance, you can contact them through email and call. But if you have faulty numbers in your system, you will never be able to reach customers. This affects your communication channel and makes it difficult for you to help your audience promptly.
Data verification helps improve lead generation. Every B2B requires solid leads to expand their scope and increase sales. Lead generation is not just about the number of leads but also how relevant and authentic they are. For example, you can have a long list of emails, but if those are people not interested in your product, the efforts won’t reap advantages. Data verification companies scrutinize these leads and remove faulty or irrelevant ones. This process results in you with leads that result in conversions.
Every business, regardless of size, needs a structured data verification system. Verified data prevents unnecessary mishaps and poor decision-making. If your company is looking for a lead generation company that will remove redundancies and keep your data fresh, inCall systems is a B2B sales and lead generation company in Singapore that specializes in data verification.